Uzbekistan - South Korea Trade 2023 Q4: Deficit & Tech Dependence

Key Market Takeaways: Uzbekistan - South Korea Trade

The bilateral trade relationship between Uzbekistan and South Korea is marked by extreme volatility and a heavy import dependency in Q4 2023.

• Deficit-Driven Trade: Uzbekistan recorded a $608.47M trade deficit, with imports ($612.67M) dwarfing exports ($4.20M). YoY import growth was robust (+21.95% to +33.09%), while exports fluctuated wildly.
• Resource-for-Tech Exchange: Uzbekistan - South Korea trade statistics reveal a lopsided structure: fuels and raw materials (34.31% of exports) flow to South Korea, which supplies vehicles (41.32% of imports) and high-tech machinery.
• Asymmetric Interdependence: South Korea holds the value-add advantage, with Uzbekistan reliant on its industrial goods—highlighting a classic emerging-to-advanced economy dynamic.

This bilateral trade snapshot is based on verified customs data from the yTrade database.

Uzbekistan-South Korea Trade Trend in Q4 2023

Uzbekistan Export Performance: Shipments to South Korea

• Total Volume: $4.20M in Q4 2023.
• Growth Trend & Context:
  • YoY growth was erratic: +100.69% in October, -37.53% in November, and +11.11% in December. No clear trend due to extreme volatility.
• Key Volatility: November saw a sharp MoM drop (-45.54%), followed by another decline in December (-31.61%). October was the peak month with $2.19M exports.

Uzbekistan Import Performance: Sourcing from South Korea

• Total Volume: $612.67M in Q4 2023.
• Growth Trend & Context:
  • Strong YoY growth across all months: +21.95% (Oct), +20.55% (Nov), +33.09% (Dec).
• Key Volatility: November recorded the highest value ($224.33M, +28.87% MoM), while October had the steepest MoM drop (-7.72%).

Uzbekistan - South Korea Trade Balance & Market Dynamics

• Net Position: Trade Deficit of $608.47M (Imports dwarf exports).
• Relationship Status: Heavily dependent on imports from South Korea, with exports remaining negligible in comparison.

Uzbekistan Import Trend from South Korea 2023 Q4 (Source: yTrade)**

Uzbekistan Export Trend to South Korea 2023 Q4 (Source: yTrade)**

Get Historical Uzbekistan South Korea Trade Records

Uzbekistan-South Korea Top Trading Products in Q4 2023

Uzbekistan Export Profile: What Does Uzbekistan Sell to South Korea

• Top Commodity: Rank #1 export is HS 27 (Mineral fuels, oils) at 34.31% of total exports.
• Demand Driver: South Korea likely uses these for industrial processing, given the raw material nature of the top exports (fuels, pulp/paper, oilseeds).
• Concentration: The trade is moderately concentrated, with the top 3 categories (HS 27, 47, 12) accounting for 60.44% of exports.

Uzbekistan Import Profile: What Does Uzbekistan Buy from South Korea

• Top Commodity: Rank #1 import is HS 87 (Vehicles) at 41.32% of total imports.
• Dependency Nature: Critical technology dependency, as imports are dominated by machinery (HS 84, 85), vehicles (HS 87), and plastics (HS 39).

Uzbekistan - South Korea Trade Relationship Dynamics

• The Exchange Model: Resource-for-Tech Complementarity. Uzbekistan supplies raw materials (fuels, pulp, textiles) while South Korea exports high-value machinery, vehicles, and industrial goods.
• Value Chain Position: South Korea holds the higher value-add position, exporting complex manufactured goods, while Uzbekistan’s exports are primarily low-value commodities.

Import Analysis by Product: South Korea to Uzbekistan (Source: yTrade)

Export Analysis by Product: Uzbekistan to South Korea (Source: yTrade)

Check Detailed Uzbekistan-South Korea Trade HS Code Breakdown

Future Outlook & Strategic Recommendations

Forecast

The Uzbekistan-South Korea trade relationship is expected to maintain its current trajectory, with Uzbekistan’s trade deficit widening further in 2024. South Korea’s demand for Uzbek raw materials, particularly mineral fuels (HS 27), will likely remain steady, but the imbalance will persist due to Uzbekistan’s heavy reliance on high-value Korean imports like vehicles (HS 87) and machinery. Export volatility may continue unless Uzbekistan diversifies its export basket beyond low-value commodities. For traders, the key takeaway is clear: South Korea will retain its upper hand in value chain positioning unless Uzbekistan shifts toward higher-value exports.

Strategic Moves

• Diversify Export Offerings: Uzbek exporters must move beyond raw materials by investing in light manufacturing (e.g., processed textiles, food products) to capture more value in the South Korean market.
• Lock in Long-Term Supply Contracts: Given the volatility in mineral fuel exports, Uzbek suppliers should secure multi-year agreements with Korean industrial buyers to stabilize revenue streams.
• Reduce Import Dependency: Uzbek businesses should explore alternative suppliers for machinery and vehicles (e.g., China, Turkey) to mitigate over-reliance on South Korea and improve trade balance dynamics.

Frequently Asked Questions

How did Uzbekistan - South Korea trade perform in 2023 Q4?

Uzbekistan exported $4.20M to South Korea with erratic YoY growth, while imports surged to $612.67M, showing strong YoY growth across all months.

What are the top exports from Uzbekistan to South Korea?

The top exports are Mineral fuels and oils (HS 27), pulp/paper (HS 47), and oilseeds (HS 12), accounting for 60.44% of total exports.

What does Uzbekistan import from South Korea?

The top imports are Vehicles (HS 87), machinery (HS 84, 85), and plastics (HS 39), reflecting a high dependency on technology and industrial goods.

What is the trade balance between Uzbekistan and South Korea?

Uzbekistan recorded a trade deficit of $608.47M, as imports from South Korea far exceeded exports. The gap remains significant.